According to the monitoring of SunSirs, the average price of the first grade white sugar was 5,738 RMB/ton at the beginning of last week, and 5,730 RMB/ton at the weekend. The price fell 0.14%, 0.93% lower than the same period last year.
At present, it is in the stage of clearing the stock of old sugar. With the opening of Guangxi's new sugar at the end of the month, there is a wait-and-see mood in the downstream, and the enthusiasm for the purchase of old sugar has cooled. The domestic sugar supply will gradually increase in the new pressing season. When Southern New Sugar is listed in a large number, the Group's willingness to sell at a fixed price is weak due to the demand of withdrawing funds to cash sugarcane funds.
In 2022/2023 (October - September of the next year), the global sugar market is expected to suffer from oversupply, and the surplus will expand to 5 million tons from the 2.77 million tons estimated in May. The global sugar output in 2022/2023 is expected to rise to a record high of 181.9 million tons, an increase of 4.5% over the previous year.
Before the demand for goods in the Spring Festival is started, sugar prices may still be adjusted with the increase of supply, and it is expected that the trend will be mainly volatile and weak in the short term.
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